Ro-ro carrier Höegh Autoliners posted an operating profit of USD99 million for the second quarter of this year – a quarter-on-quarter increase of 27.7 percent. Net profit stood at USD53 million.
Volumes grew 0.3 million cu m (up 7.3 percent quarter on quarter), while net rate increased to a new high level of USD61.9 per cu m. The growth in volumes was mainly due to increased utilisation. Net rate improvement was a result of optimal cargo mix and continuous repricing in several markets.
Höegh Autoliners ceo Andreas Enger said: “Second quarter saw geopolitical challenges, lockdown in China, supply chain disruptions, rising fuel costs and continuous port congestions. Therefore, it is a great satisfaction that Höegh Autoliners, despite all this, is continuing our track record of solid performance and delivering record quarterly financial results.”
Looking ahead, the general market fundamentals remain positive with a tight tonnage situation and repricing of cargo in most trade lines, said Höegh Autoliners. However, the volatile situation related to supply chain disruptions, delays and port congestions is expected to continue and could potentially impact the current favourable supply and demand balance if the situation with delays normalises.
The global macroeconomic picture with high inflation, increasing interest rates and fear for recession have so far not impacted Höegh Autoliners’ business, but this is something the shipping line is monitoring closely as it could curtail consumer and business spending as well as increase cost of borrowings.